Sen. John Gallus, a Republican from Berlin who represents the North Country, was among those voting last week not to override Gov. Lynch’s veto of so-called payday loans.

As NHPR reported“The measure would have lifted the current 36% interest rate cap on small loans. In place of that cap, Senator Matt Houde told colleagues companies could charge borrowers up to 403% interest.

Governor Lynch’s veto message notes the annual percentage interest rate on these so-called installment loans translates to more than 400%. Lynch says allowing such rates would hurt New Hampshire families, communities and the economy.